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August 25, 2017

Fast Trac Program is on TRAC - Most files are getting CTC in less than 20 days, Quick & EZ Style

Take advantage of our QUICK & EZ program today!

JUMBO pricing has recently been sharpened. Agents, be sure to price your jumbo loans in our pricing engine ASAP!

Heard of Fannie & Freddie appraisal-free purchase mortgages??
Property Inspection Waiver
A property inspection waiver is allowed for this transaction. JJ
Do your clients qualify?

Late last week, Freddie Mac announced it would be extending its appraisal-free mortgage program to purchase loans starting September 1, 2017.That same day, Fannie Mae also announcedtheir appraisal-free purchase mortgage, offering its product effective immediately.
But what does that mean exactly?

Who qualifies? Zach Dawson, Fannie Mae director of collateral policy, listed several eligibility criteria for Fannie’s Property Inspection Waiver program. Some requirements include the purchase loan having 80% or lower loan-to-value ratio, being single-family and condo properties, primary occupancy and second homes and only when Fannie already has a prior appraisal in electronic format that has been analyzed by Collateral Underwriter.

The chart below shows some eligibility requirements for PIW:
Fannie PIW

August 23, 2017

Appraisal Waivers On Purchases in California - What is Appraisal Waiver Letter

Right now is an incredible time to be a buyer. Home values are up, this is true, but rates are also down, so essentially the payment is still the same, but you're going to increase values in your neighborhood when you move in, and everyone will be happy.

Right now we're able to negotiate 2% of your down payment from Fannie Mae, meaning you only have to put 1% down, but you end up with 3% equity and you do not have to take a higher rate to get this credit. Only at So EZ, do we waive your Mortgage Insurance and still deliver an incredibly low rate for no cost. This will make your payment so much lower, that you will be able to afford, so much more.

Last and maybe least important, right now we are able to issue appraisal waivers on purchases in California. Meaning literally no appraisal is done. To find out if you qualify for this, apply online right now and find out.


Or call Michael Hansen direct (714) 253-7868

What is Appraisal Waiver Letter


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Appraisal Waiver Letter is a notice to the lender where the loan applicant waives his/her right to receive the appraisal at least three business days prior to loan consummation or account opening, whichever is earlier. Appraisal refers to appraisal report and any other written valuation that is developed in connection with a loan application that is secured by a first lien on a one to four unit residential property.
CFPB Regulation B (12 CFR 1002.14) requires a lender to deliver the appraisal or other written valuation at least three business days prior to the loan consummation or account opening, whichever is earlier. In case there is not enough time for consummation, the lender may obtain a waiver from the borrower. Appraisal Waiver Letter documents the waiver received by the lender. The waiver allows the lender to deliver the appraisal at or before consummation. The waiver is only for the timing of delivery of appraisal; it does not waive the requirement to deliver the appraisal itself.

Borrower’s Consideration

You Are Waiving Your Rights

By executing the Waiver Letter, you waive your right to receive the appraisal at least three business days prior to loan consummation. However, you will still receive the appraisal at or before consummation. You should provide a waiver for your rights only if sufficient time is not available for you to receive the appraisal and still have three days prior to closing. This generally occurs in purchase transactions where the purchase contract may expire if the transaction is not completed by a set date. In case of refinance transactions, unless you have an emergency for the money, you should consider delaying the closing date instead of providing the waiver.

Lender’s Considerations

Format and Content Requirements

Regulation B does not prescribe any format or content requirements for the waiver. Accordingly, you will have to draft your own format for the waiver letter. Our recommendation is to include:
  1. Loan information such as loan application number, applicants' names, property address, and other key loan information.
  2. A statement that the applicants understands that they have a right to receive a copy of the appraisal at least three business days prior to loan consummation or account opening, whichever is earlier.
  3. A statement that that the applicants are waiving their right and are willing to receive the appraisal at or before loan consummation or account opening.
  4. Space for the signature and date of the loan applicants.

Timing

It is important to note the date when you receive the signed waiver from the applicants. If the waiver is received three business days prior to the consummation, then the appraisal may be provided at or before consummation.

Delivery

The waiver may be received electronically through email or fax, or through postal mail.

Recordkeeping

As a best practice, you should retain a copy of the letter in the loan file for as long as the loan is open. However, to demonstrate compliance for Regulation B, you should retain a copy of the letter for at least 25 months from date of notifying an applicant of action taken. For business loans, Regulation B retention period is 12 months from the date of notifying an applicant of action taken.

Document Summary

Appraisal Waiver Letter
Purpose
Appraisal Waiver Letter is a notice to the lender where the loan applicant waives his/her right to receive the appraisal at least three business days prior to loan consummation or account opening, whichever is earlier.
Use in Mortgages
Appraisal Waiver Letter allows a lender to close the loan without waiting for three days after providing an appraisal.
Other Names
Appraisal Waiver Form
Type
Letter
Provided By
Loan applicants
Provided To
Lender
Notarization Required
No
Signed By
Loan applicants
Life Cycle Stage
Origination
Recordkeeping
For consumer loans, retain for at least 25 months from date of notifying an applicant of action taken.
Model Form
None
Applicable Laws
CFPB Regulation B, 12 CFR 1002.14



August 16, 2017

August 7, 2017

Income and Asset Import Tool

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We’re speeding up the origination process and delivering efficiencies to allow you to import your income and asset information securely. We’re partnering with The Work Number™ and AccountChek™ for seamless security. This can be used on any conforming loan.